Customer Value
Customer value assesses the consumer’s perception of what a product or service is worth to them as a customer versus the possible alternatives. The four types of value include: functional value, monetary value, social value, and psychological value. The types of value are not equally important to all consumers, nor for all types of product and service. Customer value in business markets is the worth in monetary terms of the technical, economic, service, and social benefits a customer company receives in exchange for the price it pays for a market offering.